Tue, 31 July 2018
The vast majority of us get into multifamily investing because we are hungry for time freedom. We want the flexibility to spend time with our families or travel or go to the gym in the middle of the day if we so choose. But many of us lose sight of that original goal in the pursuit of financial freedom. Our focus on earning money translates to doing ALL of the work ourselves, and before long, we are caught in an unsustainable cycle—doing tasks like bookkeeping and writing investor reports that undervalue our time and pull us away from the work only we can do: finding deals and raising money. So, how do we calculate the value of our time and make informed decisions about what to delegate? How do we hit the reset button and return our focus to the time wealth that inspired us to pursue apartment building investing in the first place?
Mark Dolfini is the founder of Landlord Coach, a mentoring program and business course for landlords and property managers. He is also the author of The Time-Wealthy Investor, Your Real Estate Roadmap to Owning More, Working Less, and Creating the Life You Want. Mark is on a mission to help multifamily investors realize the value of their time and design an intentional business that affords them both financial freedom and time wealth.
Today, Mark joins me to discuss his early interest in the idea of owning real estate and his gradual accumulation of 92 rental properties. He shares the mistakes he made in trying to do all the work himself that led to his Jerry Maguire moment in 2008 when he lost $4.5M overnight and ended up in the hospital with double pneumonia. Mark describes the mindset shift that helped him transition from self-employed to business owner and the VIP System he designed to create a sustainable real estate venture. Listen in for Mark’s insight on the concepts of life output and time wealth—and learn how to determine what your time is worth and delegate accordingly!
Marks’s early interest in real estate
How Mark accumulated 92 rental properties
Mark’s Jerry Maguire moment in 2008
How Mark transitioned from self-employed to business owner
Mark’s VIP system
The concept of life output
How to determine the value of your time
Connect with Mark
Free eBook: The Secret to Raising Money to Buy Your First Apartment Building
Direct download: MB_122_-_Becoming_a_Time-Wealthy_Multifamily_Investor__With_Mark_Dolfini.mp3
Category:Commercial Real Estate -- posted at: 5:47pm EDT
Tue, 31 July 2018
There are five key phases in the multifamily investing process, and the property manager you hire plays a key role in nearly every stage. So, what should you look for in a property management company? And what KPIs can you use to assess the property manager’s performance?
Bryan Chavis is a thought-leader in the realm of multifamily property management and the bestselling author of Buy It, Rent It, Profit and The Landlord Entrepreneur. He is also the founder of The Landlord Property Management Academy, an online platform for real estate professionals and property management certification. Bryan was named one of the top 40 up-and-coming entrepreneurs under 40 by the Gulf Coast Business Review, and he is a sought-after speaker and consultant for some of the largest housing authorities in the US.
Today, Bryan sits down with me to share his journey, discussing the obstacles he has overcome and his unique approach to ‘embracing adversity.’ He walks us through the five phases of multifamily investment, discussing the current challenges around the acquisitions process and the fundamentals of the implementation stage. Bryan explains what to look for in a property management company and the Key Performance Indicators he reviews on a monthly basis. Listen in for Bryan’s insight on finding a property manager who is proactive and learn to relish the journey as a multifamily investor!
Bryan’s introduction to real estate
Bryan’s key takeaways as a property manager
What inspired Bryan to branch out on his own
The adversity Bryan had to overcome
Bryan’s approach to ‘embracing adversity’
Bryan’s 5 phases of a multifamily investment
The current challenges around acquisitions
Bryan’s view of the implementation phase
How to avoid mistakes during the acquisitions process
What to look for in a property management company
The difference between a proactive and reactive property manager
Bryan’s approach to overseeing a property manager
Bryan’s Key Performance Indicators (KPIs)
Bryan’s current mission
Connect with Bryan
Direct download: MB_121_-_Proactive_Property_Management_in_the_5_Phases_of_Multifamily__With_Bryan_Chavis.mp3
Category:Commercial Real Estate -- posted at: 5:37pm EDT